PAYU INDIA PAYMENTS
PayU's LazyPay expands quick commerce partnership with Blinkit addition
LazyPay partners with Blinkit for seamless checkout, expanding its portfolio. PayU's revenue grows in India, driven by the credit business despite regulatory challenges. India remains a key market for digital payments, with significant growth projected in digital credit transactions.
PayU India FY24 consolidated revenue rises 22% to $1.1 billion
Prosus's fintech arm, PayU, reported a consolidated revenue increase of 22% in FY24, reaching $1.1 billion. This growth can be attributed to the success of their Payment Service Provider (PSP) businesses in India and Turkey, alongside continued expansion in their India credit operations and the global payment operations (GPO) business.
Prosus writes off Byju's stake; Swiggy, PayU India report card
Dutch investment major Prosus said its investment in Byju’s is worth zero. This and more in today’s ETtech Top 5.
Now autofill your UPI Lite wallet: You will soon get option to have auto debit mandate to maintain UPI Lite balance
UPI Lite: The Reserve Bank of India announced that now UPI Lite wallet is to be integrated with the e-mandate framework. This will help in auto-replenishment of the UPI Lite balance. If the balance in UPI Lite balance goes below a threshold amount, funds will be automatically added. Read here to know more about this feature of UPI Lite.
New RuPay payment mechanism using NFC: Know who will benefit from it and who may not need it
NFC sticker powered by RuPay: A silicon sticker powered by RuPay using near field communication (NFC) technology is set to be launched. This sticker can be fixed on any solid surface and requires no internet or power and is also waterproof. You can use this NFC sticker for payments at any NCMC enabled terminals in Assam ASTC, Delhi metro, Mumbai BEST, etc.
Jupiter Money launches new savings feature for millennial users
Magic Spends allows investment of a predetermined amount every time a user of the company’s eponymous mobile app makes a transaction. The investment goes into digital gold and mutual funds.
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Paytm market cap nears $2.5 billion as shares continue to tumble
When it was listed on the public bourses in 2021, Paytm was valued at nearly $20 billion.
Brazilian payment company Ebanx set to start India operations with Yes Bank
Ebanx helps nearly 300 brands process payments in multiple countries across Latin America and Africa. It now wants to enter India, which will be its first market in Asia. It will offer payments infrastructure for global brands looking to sell to Indian consumers, who can use Ebanx to pay through the local currency and by using local payment methods.
Groww and Worldline ePayments secure online payment aggregator licence from RBI
The PA licence will allow Bengaluru-based Groww to process online payments by itself. The licence was issued in the name of the company's subsidiary payment business Groww Pay.
FirstCry refiles IPO papers; Groww secures payment aggregator licence
FirstCry has refiled its draft IPO papers with market regulator Sebi with updated financials. More on this in today’s ETtech Top 5.
Cross-border payments platform BriskPe raises $5 million seed funding from PayU
Fintech Briskpe will use the capital to strengthen its product and service offerings, build up its team, and scale its reach to enable more Indian businesses to set off on their global journey with seamless cross-border payments.
PayU invests $5M in BRISKPE to boost cross-border payments ecosystem for MSME merchants
This investment underscores the importance of seamless international payments as part of PayU India’s strategy.
PayU's Wibmo building full-stack payment gateway solutions
PayU-owned Wibmo is emerging as a key offering for Naspers-backed PayU which is looking to venture deeper into business payments and enter newer markets.
PayU receives RBI’s in-principle nod to operate as a payment aggregator
In 2022, the central bank had banned payment aggregators, including PayU, and restricted them from onboarding new merchants to its platform.
RBI’s stricter KYC rules may slow merchant onboarding 90%: experts
The new rules will be applicable to existing payment aggregators such as Razorpay, Cashfree, and PayU, card payment companies, such as Pine Labs, Innoviti Payments, and MSwipe, and QR code deployers, such as PhonePe, BharatPe and Google Pay.
Byju’s defence in NCLT; deep dive into quick-commerce play
The Bengaluru bench of NCLT asked the petitioner – Glas Trust Company LLC – to issue a notice to Byju's for defaulting on payment of the $1.2-billion term loan B it had guaranteed for its US subsidiary Alpha Inc. It also gave Byju’s parent Think & Learn three weeks to file its objections to the petition filed by Glas Trust.
PayU makes five new additions to board, Laurent Le Moal joins as non-independent director
PayU Payments strengthens corporate governance with new board members, including Renu Sud Karnad, IUHF president, and Laurent Le Moal. PayU India plans for a public listing after selling global operations to Rapyd.
PayU, NPCI join hands to roll out Credit Lines on UPI’ feature
PayU has partnered with NPCI to roll out the 'Credit Lines on UPI' feature on its platform, aiming to provide financial security and growth for merchants. The integration will enable pre-sanctioned credit lines by banks through UPI, empowering businesses and consumers. PayU expects over 380 million UPI users to have easier access to Credit Lines.
PayU India H1 FY24 payments income rises to $211 million; fintech shutters LazyCard business
The growth in revenues largely came from its existing merchants and payment processing stack Wibmo, as new merchant signups continued to be paused for the Indian entity after an order from RBI.
Expect PayU India to be IPO-ready by H2 2024: Prosus interim CEO
“We are growing very well not only on payments but on the credit side too,” Ervin Tu said. In his view, the public markets in India are very healthy.
PayU eyes B2B pay, credit play under new top brass
From being an early player offering online payments to internet companies back in 2011, to facing severe competition from new-age startups such as Paytm and Razorpay, to a failed attempt to acquire Billdesk and facing a merchant acquisition embargo from the Reserve Bank of India, PayU has had a chequered history in India.
Debit cards losing out as UPI turns default mode on ecommerce
More and more consumers are using UPI or credit cards for online shopping, with debit card usage having more than halved in the last two years.
Prosus-owned PayU targets India IPO filing in February, hires bankers
PayU has appointed Goldman Sachs, Morgan Stanley and Bank of America as advisors for the IPO, which it plans to list by the end of 2024. It also plans to hire at least one Indian investment bank for the deal.
Prosus-owned PayU targets Feb for India IPO filing, hires bankers: Report
PayU has appointed Goldman Sachs, Morgan Stanley and Bank of America as advisors for the IPO, which it plans to list by the end of 2024, the sources said, declining to be named as the discussions are confidential. It also plans to hire at least one Indian investment bank for the deal, the sources added.
Anirban Mukherjee appointed PayU CEO as Le Moal steps back
With the elevation of Mukherjee, his predecessor Laurent Le Moal, who has been the global CEO of PayU since 2016, will step back from operational management of the day-to-day business but will remain with Prosus and PayU in an advisory capacity, Prosus said in a statement on Tuesday.
WhatsApp partners with Razorpay, PayU to offer in-app shopping for Indian users
WhatsApp has announced new features to enhance the user experience with businesses. The platform has partnered with Razorpay and PayU to enable users in India to make payments via the app. Additionally, WhatsApp introduced Flows, which allows businesses to create customized forms for services like ordering a meal or booking an appointment. The platform also rolled out Meta Verified for WhatsApp businesses, offering enhanced account support and impersonation protection. India is seen as a key market for WhatsApp's monetization efforts, with business messaging playing a crucial role.
ETtech Exclusive: PayU’s global CEO, CFO likely to quit after Prosus part-sells payments business
PayU India CEO Anirban Mukherjee is now slated to directly report to Prosus chief executive officer Bob Van Dijk and may take up additional responsibility for other international markets including Turkey and Southeast Asia.
PayU’s sharp focus on India could soon culminate in domestic public listing
As PayU exits other markets, it will focus on India, Turkey and South East Asia. For India, PayU wants to double down on the credit business across consumer loans and check out finance products.
Fintech firms struggle to come together for self-regulation
The idea of creating an SRO was mooted by the RBI governor in March. But more than a month since, the companies haven’t been able to proceed beyond initial discussions to band together and get the groundwork laid out.
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